For those of you whom are unable to refinance because your value has declined and who do not qualify under the Fannie Mae Refi Plus program, your only option is to ask your servicer for a loan modification.
I’m working on gathering information from people who have attempted to negotiate a modification with their service provider, and will share with you some of the tips I receive. I cannot help people directly with this (although you can always hire a real estate attorney or a modification specialist), but I want to help people in any way I can. More will come …
In the meantime, the Making Home Affordable Modification program is supposed to help homeowners who are struggling with making their monthly payments. The first thing you can do, even before calling your servicer, is to go through the steps on the Hope Now website and see the response. There is a “Self Assessment” tab you can click on the home page. http://www.hopenow.com/
Please let me know your experience so that we can help others!
